Oct 11, 2021 - Business

Rent is rising in Denver and across Colorado

Average rent price, select cities
Data: RENTCafé; Chart: Sara Wise/Axios

Rent prices are rising rapidly across the country, and the number of people seeking rentals has returned to pre-pandemic levels or higher, writes Axios' Jennifer Kingson.

Why it matters: Denver's rental market is shifting, with new options to save money and find roommates.

The big picture: As COVID-era restrictions expire — including moratoriums on evictions — and available housing stock continues to dwindle, expect once-desperate landlords to sit in the catbird seat as renters fork out, Jennifer adds.

  • Rents are up 9.6% nationwide in 2021 to an average of $1,649 a month, according to Dwellsy, which calls itself the largest rental housing platform in the U.S.

Zoom in: The average rent in Denver is $1,824, which is above the national average, according to the latest report from RENTCafé. It's an 11% increase from a year ago.

  • In Denver, 51% of the households are renter-occupied.

In the metro suburbs, renters don't dominate like in many places. Only Wheat Ridge — with 47% renter households — is expected to transition to majority-renter in the next five years, a separate RENTCafé study found.

What they're saying: "The U.S. rental market is a mess right now," Jonas Bordo, CEO and co-founder of Dwellsy, tells Axios via email.

  • "Renting activity is back to pre-pandemic levels — up 13% in the first half of 2021 compared to the same time last year," per RENTCafé, which adds that the two groups pushing rents up most are Gen Z and high-earning millennials.

The intrigue: Silverthorne recently landed atop a list of the most expensive rental markets, according to Dwellsy, which says its rental database is much larger than RENTCafé.

  • The town is 70 miles from Denver, but more importantly known as a central location to the ski hills in Summit County.
Most expensive cities, by median monthly rent
Data: Dwellsy; Chart: Axios Visuals

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